October 18, 2010

Is Atlantic Yards on schedule? Not beyond the arena and infrastructure

Atlantic Yards Report

What's the schedule for Atlantic Yards? I queried the Empire State Development Corporation (ESDC) and got the following response from spokeswoman Elizabeth Mitchell:

With respect to the arena, transit improvements and Carlton Avenue Bridge, the schedule remains unchanged. Construction is expected to be completed in advance of the 2012 Basketball Season (Fall 2012).

With respect to the overall Project Schedule – we have not updated the schedule set forth in the Technical Memorandum. We are hopeful that construction of the first residential tower will commence in 2011.

It essentially backs everything up a few years, but it's already out of date. For example, three of the first five towers are supposed to start in 2010, while the other two are supposed to start in 2011.

Also, two of those five buildings are on indefinite hold. There's no market as of now for Building 1, the office tower, which would be built only if an anchor tenant could be found.

Beyond that, the tower slated for Site 5--current home of P.C. Richard and Modell's would also be far in the future. Neither the state nor Forest City Ratner fully control the site, and the state has not yet pursued eminent domain for the site.

The project as a whole is supposed to be finished by 2019, even though penalties for delays on the third tower kick in only after a decade and penalties for the project as a whole kick in only after 25 years.